Why Nuix, Red 5, Silver Lake, and WAM Research shares are dropping today

It has been a great return to action for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is up 1.4% to 7,318.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Nuix Ltd (ASX: NXL)

The Nuix share price is down almost 2.5% to $1.15 despite there being no news out of the investigative analytics and intelligence software provider. Though, given that the Nuix share price is up over 80% year to date, it’s possible that some investors are taking profit and switching into other areas of the market today.

Red 5 Limited (ASX: RED)

The Red 5 share price is down almost 3% to 17.5 cents. This is despite there being no news out of the gold miner today. However, with its shares surging higher last week following a strong production update, it looks like some investors could be taking a bit of profit off the table on Tuesday.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is down 2.5% to $1.24. Once again, this may have been driven by profit taking after some strong gains by the gold miner’s shares in recent weeks. In addition, with investor sentiment improving, there may be some investors moving out of safe haven assets like gold shares and back into risk assets.

WAM Research Limited (ASX: WAX)

The WAM Research share price is down 5% to $1.26. This has been driven largely by the investment company’s shares going ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving this fully franked 5 cents per share interim dividend later this month on 21 April.

The post Why Nuix, Red 5, Silver Lake, and WAM Research shares are dropping today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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